The boat hit trouble off the Demre district of Turkey's Mediterranean Antalya province, a popular holiday spot.
The migrants are believed to have been trying to head illegally to Europe, but their planned route was not immediately clear.
The nationalities of those on board have yet to be determined.
Five people were rescued by the Turkish coastguard and fishermen, it said.
Over a million people, many fleeing the war in Syria, crossed to European Union member Greece from Turkey in 2015 after the onset of the bloc's worst migration crisis since the second world war.
